IT WAS a buyers’ market this year, as Malaysians were pampered with plenty of choices due to the rising number of unsold homes in the country.
Developers offered discounts and rebates to attract buyers, while homeowners were willing to reduce their prices in the secondary market amid stiff competition.
As such, auctioning homes was tougher in the oversupplied market as buyers can now get properties at the same prices as auctioned homes.
The government also implemented the national Home Ownership Campaign (HOC) in January, a 12-month initiative which allows buyers to purchase houses with a minimum 10% discount, in addition to stamp duty exemptions.
Although developers were and had been giving discounts such as zero deposit and free stamp duty, among others, prior to the HOC, the campaign has definitely boosted the confidence of buyers.
Media Title: The Malaysian Reserve
Date: 19 Dec 2019